RUMA Certified Public Accountants (CPA) commenced business in Uganda in the early months of 1992. At the time, there were few accounting firms in Uganda. In addition, there were was no serious regulation of accountancy profession because the enabling law had just been passed or was about to enacted by parliament later in the same year. The name “RUMA” is an acronym of the names of the two founders, with RU for Rutaremara and MA for Matthias Tumwesigye who was the other founding partner. After starting RUMA CPA in Uganda, the founding partners were able to grow the practice to a level where RUMA CPA was managing 20 different clients by the end of two years after commencement of operations.
In August 1994, Peter Rutaremara returned to Rwanda. Two years later in 1996, he registered RUMA CPA as a sole proprietorship in Rwanda, with an initial staff complement of three. One of the first projects that we handled was the audit of Government of Rwanda Project counter funded by World Bank. The firm continued to grow small but steadily and in May 1998 he resigned from his job to fully concentrate on building RUMA CPA. On 12th January 2000, RUMA CPA became a company with two partners from which it has grown to have a present staff complement of 40.